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Products
New fraud prevention tool for card issuers
DES MOINES (7/22/11)--A new tool from First Data uses near real-time data to inform The Members Group and their financial institution clients the best fraud prevention strategies. First Data’s SpendTrend Insights Fraud Analysis Solution allows TMG credit and debit card-issuing clients to get an inside look at their portfolios and to compare them with First Data’s data. This allows credit unions and community banks to understand if they have higher-than-average incidents of fraud in a specific geographical region or within a particular type of merchant code. The information, which is accessible by TMG staff and by clients, is detailed in a graphical format. The solution also provides an ad-hoc functionality through which TMG fraud specialists can examine credit and debit transactions in near real-time. Specialists can use the tool to model new fraud prevention strategies to see the potential impact of a change. The results of those modeled strategies are available instantly, which allows TMG to make faster recommendations to its credit union and community bank clients. “When a credit or debit account becomes vulnerable to a fraudster, the first few hours are critical to minimizing losses for the issuing financial institution,” said Karen Postma, TMG cards risk senior manager. “The predictive analytics of First Data’s SpendTrend Insights Fraud Analysis Solution speeds up the decision-making process, which is absolutely key in preventing further costly attacks.” TMG is a wholly owned subsidiary of the Affiliates Management Co., which is owned by Iowa credit unions and their members. TMG’s core products include credit, debit, ATM, prepaid solutions, reporting and automated clearinghouse and asset-liability services.


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